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Do Banks Improve Financial Market Integration?

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Author Info
Brunt, Liam (St Johnís College)
Edmund Cannon (University of Bristol)

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Abstract

Using a large panel of weekly wheat prices, we infer the annual rate of return on capital in each county in England and Wales in the period 1770-1820. Throughout this period markets were efficient in the sense that weekly returns were serially uncorrelated. We show that the interest rate differential between London and each county can be explained by the density of bank coverage in that county. The explosion in provincial banking in England and Wales during the industrial revolution significantly reduced regional differentials in interest rates. This is direct evidence that financial intermediation determines the degree of market integration.

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File URL: http://repec.org/res2002/Brunt.pdf
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Publisher Info
Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 36.

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Date of creation: 29 Aug 2002
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Handle: RePEc:ecj:ac2002:36

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Web page: http://www.res.org.uk/society/annualconf.asp
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